Construction Cost Contract Plus With Guaranteed Maximum Price In Los Angeles
Category:
State:
Multi-State
County:
Los Angeles
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Los Angeles is a legal document outlining the agreement between a contractor and an owner for the construction of a residential project. It specifies the scope of work, work site, necessary permits, and insurance requirements. A key feature is the payment structure that can either be based on the actual costs plus a contractor's fee or a fixed fee arrangement. This contract allows for changes to the scope of work through written change orders, ensuring transparency in adjustments and costs. The owner is responsible for additional expenses due to unforeseen soil conditions and must provide necessary documentation like boundary surveys. The contract also includes terms for late payments, warranties, and indemnification clauses to protect both parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in managing construction projects to ensure compliance and protection of rights during the construction process.
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FAQ
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
The GMP Budget is the amount the Trustees have budgeted for the construction Contract. The award of a construction contract is contingent upon receiving an actual GMP within the GMP Budget.
